A company car is an invaluable business asset. But as critical as it is in day-to-day operations, it’s not infallible.
There’ll come a time when your car will start to need more frequent shop visits than ever before. Or even if it’s still working fine, you may find it necessary to equip it with modern technology or mechanical upgrades to improve the driving experience and cost and fuel efficiency.
When such a time arrives, it becomes a more pressing concern for you to consider upgrading your fleet to ensure operational efficiency. This will help you remain competitive and bolster your bottom line in several ways.
Let’s uncover the impact of vehicular upgrades on your operations and see how you can drive growth with these upgrades.
1. Improves Operational Reliability
Upgrading your car is a great step to enhancing operational reliability. If your old company car tends to break down easily or is riddled with mechanical issues, then undergoing an upgrade can feel like a breath of fresh air for the drivers and passengers of the car.
This upgrade also translates to better operations. By upgrading your vehicle, you and your staff are less likely to experience delays due to car breakdowns. This means goods can be transported quicker and people can be transported from place to place for their meetings or other activities on time.
The best part is that you can enjoy these perks at a low cost if you’re eligible for a chattel mortgage (or goods loan) scheme. This scheme is a medium to long-term car loan that uses your car as security.
Once you get approval from a financial institution or lending company, you can use the money provided by the loan to fit your car with some much-needed upgrades. Click here to learn more about how a goods loan scheme works.
2. Helps Bolster Fuel (and Cost) Efficiency
Another positive impact of upgrading your vehicle is the increased fuel efficiency.
Certain vehicular upgrades like installing spoilers, air dams, and side skirts can reduce aerodynamic drag, which can improve fuel efficiency in your vehicle. This can reduce emissions and lower the costs of using the car.
If you want to go the extra mile, you can consider upgrading to an entirely new car and going electric.
EVs are great since they eliminate the need for refuelling outright, which can make you more environmentally friendly and cost-effective overall. There are also some tax incentives and grants you may get when making the switch.
That said, upholding fuel-saving driving techniques is also essential to lower excessive fuel costs. You can do this by limiting idling, keeping tyre pressure at stable levels, and keeping only the essentials in the car to make it cleaner and lighter.
3. Ensures Safer Transport of Goods and Staff
Driving in a rickety, old car is not a pleasant experience for both the passengers and the goods they’re transporting. It could lead to a bumpy ride, which could increase the risk of injury for passengers and increase the risk of spillage and breakages for the goods you’re transporting.
Furthermore, as a car ages, its mechanisms may start to give out, which can put the driver at increased risk of encountering an accident—something you definitely don’t want in your official records.
A vehicular upgrade (like adding automatic braking systems) is necessary to prevent such a drastic accident from happening on the road. Not only will these upgrades protect your employees and cargo, but they’ll also lower the cost of recurring costs like insurance to an extent.
It’s in your best interest to promote a safe working environment for your employees. This can keep both your operations running smoothly and your employees feel safe and happy when doing their job.
4. Improvements Through Technology
Besides mechanical improvements, adding technological tools can also be a good way to keep your goods and staff safe from harm’s way.
For instance, you can consider adding a GPS navigational device to ensure that your employee is driving through established roads towards their destination.
Putting a dash cam and rear camera on the company car also helps keep your employees accountable when driving. It also helps you up your chance of success when making claims when you’ve encountered an incident on the road.
Parking sensors, a driver alert system, and Bluetooth compatibility also all help improve the quality of life of people using the car.
Besides these safety improvements, you can also enjoy enhanced operations through technology, like using real-time tracking apps to determine the optimal route to avoid traffic.
5. Reduces the Need for Frequent Repair Costs
Upgrading your vehicle to a new one can cut down downtime from frequent maintenance work. It can also cut down recurring repair costs.
With newer cars, you’re less likely to need to constantly upkeep your model since it hasn’t been worn down by mileage just yet.
Furthermore, newer models tend to have more robust car parts—which can reduce the need for frequent repairs overall. This is especially true for electric and hybrid models.
And if there is a need for repair, upgraded cars may come with warranty plans to cover the cost of these repairs. All these factors in mind make it a financially and operationally sound idea to upgrade a car when you get the chance.
6. Improves Brand Image With Quality Assets
Another cool perk of owning upgraded cars is that they can garner positive attention from the public. This can help in getting your business’s brand out in the open, which can in turn help you reach your target demographic and generate sales quicker than you otherwise would.
The improved brand image also helps you look like a more reliable and potentially environmentally-friendly business.
This reflects positive company values and can shape your customer’s perception of your business for the better, making them more likely to be loyal and happy to do business with you.
Marketability aside, an improved fleet also helps attract and retain employees since it essentially communicates that their role and safety are valued by the company. This keeps the gears of your business turning, which can drive growth and maintain operational efficiency.
Furthermore, when customers are happy engaging with your business, this can help boost employee morale and pride in their work, which can then be radiated outwards to your customers. This cycle can feed off of each other and boost your company’s reputation as a result.
